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The contract that won't end

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bamboo72

Guest
I live in Al. My husband and I put a contract on a piece of land and the mortgage company handling our loan approval was not able to get an approval within the contract guidelines (ie the contract stated we had to be able to get 80% financing the banks would only approve for 70%), so we requested to cancel the contract the week before Christmas. We have filled out the paperwork with our realtor to get out of the contract, but the seller has yet to sign off on the release form. However the biggest problem is that the mortgage co we were dealing with told us they would fax a letter stating the terms of the approval to show it was outside the contract terms. They have not done so and we have called them repeatedly to request this and keep getting brushed off. We have started to document all of our requests to the mortgage company and will be sending a certified letter requesting this from them tomorrow. Is there any other legal recourse we have at this point? Our fear is that without this letter we could be opening ourselves up to a lawsuit from the sellers for breaking the contract, because we have nothing to prove the approval was outside the contract guidelines. We are at the end of our ropes and want to be done with this whole mess. Any advice you could give would be greatly appreciated.
 


HomeGuru

Senior Member
Send that letter and cc the State Consumer Protection Office, Mortgage Licensing Office, BBB and the State Attorney General.
 
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bamboo72

Guest
Homeguru,
Thank you very much for your response. Good news though. We heard from our realtor today and the sellers have signed the release, also the mortgage company finally coughed up the letter. It took long enough! We are going to keep your advice for future reference though. We truly do appreciate it. THANKS AGAIN!!!!!!
 

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